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Analyse systématique du modèle de Bhaduri-Marglin à prix flexibles. "Ca dépend de la valeur des paramètres"

Author

Listed:
  • Florian Botte

    (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Thomas Dallery

    (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique, ULCO - Université du Littoral Côte d'Opale)

Abstract

The calibration and the study of the plausibility of models as stylised as the post-kaleckian model is debated. In this article, we present a numerical simulation method to study the stability properties of a model that depend on its calibration. Rather than calibrating a model by selecting the values of the non-observable parameters that produce "realistic" values of the equilibrium variables, we suggest looking at what happens in a model when estimating the non-observable parameters and then combined them: does the model then produce plausible values for the equilibrium variables? We use this method to the model of Bhaduri and Marglin with price adjustment. We show that the model struggles to produce a satisfactory number of plausible equilibrium values. We also study the stability conditions of the model (in size and proportion), and we demonstrate that theoretically conceivable configurations have no numerically plausible counterpart for realistic values of the parameters of the model. The fine study of a calibration thus conceived allows to relativize the probability to meet all the dynamics which are theoretically possible.

Suggested Citation

  • Florian Botte & Thomas Dallery, 2019. "Analyse systématique du modèle de Bhaduri-Marglin à prix flexibles. "Ca dépend de la valeur des paramètres"," Post-Print hal-02335695, HAL.
    • Handle: RePEc:hal:journl:hal-02335695
    Note: View the original document on HAL open archive server: https://hal.univ-lille.fr/hal-02335695v1
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    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium

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